A consequence of the economic problem of scarcity is that
A) Choices have to be made about how resources are used.
B) There is never too much of any good or service produced.
C) The production of goods and services must be controlled by the government.
D) The production possibilities curve is bowed outward.
Correct Answer:
Verified
Q1: Which of the following is an assumption
Q2: A production possibilities curve indicates the
A)Combinations of
Q4: Opportunity cost is
A)Measured only in dollars and
Q5: Opportunity cost may be defined as the
A)Goods
Q6: Which economist argued that free markets unleashed
Q7: Capital,as economists use the term,refers to
A)The cash
Q8: The role of the entrepreneur in an
Q9: The basic factors of production include
A)Land,labor,money,and capital.
B)Land,labor,money,and
Q10: The fundamental problem of economics is
A)The law
Q11: Which of the following is not one
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